Property Gains at Paulson

John Paulson, the billionaire hedge-fund manager who made a fortune betting on the collapse of U.S. home prices, is sitting on a tidy profit from the real-estate market's rebound.

The total value of the properties in Paulson & Co.'s $298.4 million Paulson Real Estate Recovery Fund has roughly doubled on paper since the fund was launched in 2009, an executive said Wednesday at the fund's annual meeting in New York.